This April Fool’s Day don’t get caught in business foolery. Enjoy the time you spend building your business but try to stay away from these tricks.
1) Dreams Need Structure
Don’t be tricked into thinking a great idea is all you need. Dreams are the essence of why you start a business, but without some structure, the dream can become an unruly nightmare. Create a business plan or a business model. Determine how your dream will work. How it is structured? Who is your audience? How is your product made? How do you make money, etc.
2) Stop Giving Away Your Expertise
If you are in business to make money, then stop giving away what others are charging for. There will be friends and family and potential customers who believe that their relationship with you is a 100% off coupon. You can’t stop people from asking for freebies but don’t be fooled, know your worth. The family and friends discount does not always equal free. You too have bills to pay and you are running a business. Unless you are bartering or your services are a gift you want to give, there needs to be a fee paid for your services.
3) Know What Your Competition Charges and How that Impacts You
Be clear about what you charge for your services and why. This is important for start-ups and established businesses. Research and continually monitor what others charge in your area for similar services. If you find your prices are higher than other businesses this doesn’t necessarily mean you need to lower your prices. Communicate what makes your business unique and why you charge what you charge. Take everything under consideration before you make a decision. If your prices are lower than the competition, it may be time to increase your rates but consider all factors, especially, how your customer base will react. The bottom line is, don’t fool yourself into thinking you can just pick a price for your services and the work is done. Always revisit and retool as needed.